January 9, 2017 / 10:25 AM / 6 months ago

Taiwan frees securities firms to handle local currency-denominated spot, derivative products

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TAIPEI, Jan 9 (Reuters) - Taiwan's central bank on Monday said it would ease rules to allow securities firms to handle spot and derivatives products denominated in the local currency against foreign currencies in a bid to expand the industry's scope of services.

The move marks the central bank's next step in bolstering the competitiveness of brokerages since it allowed the sector to handle foreign exchange business in 2013, the central bank said in a statement.

The new rules allow brokerage firms to offer the new services to their customers, it said, but gave no timetable for adoption of the rules.

The central bank's decision will benefit Taiwan's fragmented securities sector, which has been struggling with the stock market's declines in turnover. (Reporting by Faith Hung and Loh Liang-sa; Editing by Clarence Fernandez)

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